Electronic Funds Transfer (EFT)

With electronic funds transfer (EFT), government agencies can pay and collect money electronically, without having to use paper checks.

EFT is safe, secure, efficient, and less expensive than paper check payments and collections.

Each time the government pays by check, it costs $1.03 (just over a dollar).

Each time the government pays electronically, it costs $.105
(just over a dime).

Do I have to sign up for EFT?

Yes, it's required, All federal benefit payments must be paid electronically. If you get federal benefits, such as Social Security, Supplemental Security Income (SSI), Veterans' benefits, civil service retirement, military federal retirement, or railroad retirement payments, you must get your benefits by EFT.

NOTE
If you were born on or before May 1, 1921, you can qualify for a waiver. The Department of the Treasury may also make an exception in a few other cases. Learn more about exceptions.